TPG Telecom Ltd., an Australian internet service provider, announced today that the company has posted an excellent 443% growth in net profit for the first half of the year. TPG said that the excellent first half results were driven by the strong growth in its broadband subscriber base. TPG also raised its guidance for the remaining half and full year 2009.

TPG said in its half yearly report that the company has posted net profit of $A27.5 million in the first six months of the fiscal ended January 31, increasing by 443% while it was reported of $A5.1 million in the same period last year. TPG reported EBITDA of $A77.1 million for the period, increasing by 34% compared to the same period last year.

In the first six months of the fiscal, TPG said that the company had added around 54000 more broadband subscribers. The total number of subscribers was reported to reach 460,000 by the month of March this year.

Encouraged by the first half performance, TPG raised its guidance for the full year 2010. The company said that now it expects full year EBITDA in the range of $A152 million to $A158 million. TPG also said that the cost of acquiring Pipe Networks is not included in the estimated full year EBITDA.

TPG announced the acquisition of Pipe Networks in a deal worth $A373 million last year. Shareholders of the company approved the deal on March 17 this year.